General World News

LoanDepot cleared $2B in profits, but margins are shrinking

Just a week after its initial public offering, multichannel lender loanDepot announced that it had earned over $547 million in profits during the fourth quarter, giving it over $2 billion in earnings across 2020.

The lender, whose stock price skyrocketed following a downsized IPO that debuted at $14 a share, originated $37.4 billion in mortgages during the fourth quarter. LoanDepot captured $49.6 billion in rate lock volume, a quarterly record.

Though loanDepot originated $10.2 billion more in mortgages than it had in the third quarter, net income was details ⇒

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